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Alfred Marshall Lecture: Using and Abusing Economic Theory.

Abstract:

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. I...

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Journal:
Journal of the European Economic Association More from this journal
Volume:
1
Publication date:
2003-01-01
ISSN:
1542-4766
Language:
English
UUID:
uuid:ce73c5d9-8b8f-4515-a9eb-9919a41f0c91
Local pid:
oai:economics.ouls.ox.ac.uk:11066
Deposit date:
2011-08-16

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